The cluster is too small in dollar terms to signal a shared thesis. Wasatch's full exit and Assenagon's trim are the only material moves, but the buying is negligible. Monitor next 13F filing for Q4 2026 to see if the selling continued or reversed.
Executive Summary
A mixed institutional cluster for Paylocity (PCTY) in Q3 2026: four small asset managers added modest positions totaling ~$479K in new buying, while two larger sellers—Wasatch Advisors (full exit of $11.5M) and Assenagon Asset Management (trimmed $3.5M—removed a combined $15.0M in aggregate. The buying is trivial in scale relative to the sellers' scale, making the net signal directionless.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$14.5M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | ADD | +32.9% | $217.0K | $97.0K |
| Nisa Investment Advisors | ADD | +50.6% | $218.0K | $112.0K |
| Assetmark | ADD | +26.1% | $24.0K | $10.0K |
| Hb Wealth Management | ADD | +71.6% | $675.0K | $260.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Wasatch Advisors | EXIT | -100% | $11.5M | -$11.5M |
| Assenagon Asset Management | TRIM | -32.7% | $43.3M | -$3.5M |
Key Facts
- 4 small asset managers added $479K in new buying (Hb Wealth +$260K, Nisa +112K, Farther Finance +97K, Assetmark +10K)
- Wasatch Advisors fully exited $11.5M position (109.9K shares → 0)
- Assenagon Asset Management trimmed $3.5M (414.6K → 279.1K shares)
- Net aggregate: buyers added $479K vs sellers removed $15.0M — sellers dominate in dollar terms
- All participants are asset managers — no activist, quant, or family office — and all moves are small relative to PCTY's ~$10B+ market cap
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
Financial Impact
4 small buyers added $479K in new positions while 2 larger sellers removed $15.0M in aggregate selling; net institutional flow is -$14.5M
Risk Factors
- 13F data stale by 45+ days; cluster may already reversed
- No insider buying or insider selling to corroborate the buying side
- Small buyer dollar amounts suggest no institutional conviction
- Sellers are large but not a panic — Wasatch exit is 0.1% of float
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-PCTY-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | Institutional Cluster | $176.69 | awaiting T+1 | — | — |
Oct 22, 2026 3d ago | DEFA14A / DEF 14A | $177.67 $177.19 | ▼ −0.27% | ▲ +0.25% | — |
Oct 22, 2026 4d ago | Insider Cluster | $177.94 | awaiting T+1 | — | — |
Oct 21, 2026 4d ago | Insider Cluster | $177.67 $177.19 | ▲ +0.27% | ▼ −0.25% | — |
Oct 19, 2026 7d ago | Insider Cluster | $170.06 $169.33 | ▲ +0.43% | ▲ +0.95% | — |
Oct 16, 2026 9d ago | Insider Cluster | $166.17 $170.06 | ▲ +2.34% | ▲ +2.01% | — |
Sep 10, 2026 6w ago | Press Release | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | — |
Sep 9, 2026 6w ago | Insider Cluster | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | — |
Sep 1, 2026 7w ago | Insider Cluster | $154.29 $154.29 | · 0.00% | ▼ −1.05% | — |
Sep 1, 2026 7w ago | Insider Cluster | $154.29 $154.29 | · 0.00% | ▼ −1.05% | — |
US Market Status
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